Blog Post: Day 1 of new $QQQ short term up-trend; Slowly accumulating $TQQQ; 23 stocks at ATH, see list

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At the beginning of a new short term up-trend, it is time to look for the winners who quickly emerge to new highs. These stocks from my IBD/MS watchlist reached an ATH (all-time high) on Wednesday. They are sorted by current price/lowest price last 250 days. Note that the 2  companies with the popular weight loss drugs, LLY and NVO, are taking off. Both have doubled their yearly lows. I am slowly accumulating TQQQ as long as this new short term up-trend lasts. It is psychologically difficult for me to go long quickly at a new up-trend because we are used to the market declining. We need to focus on the the steering wheel and not the rear view mirror.

Blog Post: Day 12 of $QQQ short term down-trend; 29 US new highs and 167 lows; $QQQ is finding support right at its trend channel line (TCL, thanks to @TCLTRader), see daily chart

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Vas, from @TCLTrader, comes to my class each year to teach his technical analysis based on the works of Al Brooks. Vas draws trend channel lines, TCLs,  below a down-trend as I have drawn in the daily chart below. It is amazing how some TCLs predict in advance exactly where support or resistance occurs. You can learn Vas’ techniques by attending  online the Northern Virginia IBD monthly MeetUps. The blue arrows designate the sentiment survey (% saying QQQ will rise near term) from my weekly undergraduate class.